Nasdaq-listed Verb Technology has raised $558 million in a private placement to establish the first publicly listed company dedicated to holding Toncoin (TON) as a treasury reserve asset.
The financing round, which was upsized and oversubscribed, was led by Kingsway Capital and drew participation from over 110 institutional and crypto-native investors.
Notable backers include Vy Capital, Blockchain.com, Pantera Capital, Ribbit Capital, Graticule, Animoca Brands, Kraken, and BitGo, as well as individual investors such as Ethena Labs founder Guy Young.
The company plans to rebrand as TON Strategy Co. (TSC) and will deploy the majority of the funds to acquire and stake TON. Telegram, with over 900 million users globally, has positioned TON at the core of its Mini App platform, offering developers access to a large and active user base.
The development comes less than a month after reports surfaced that Ton Foundation was seeking half a billion dollars to set up a TON treasury company.
Strategic pivot
Verb’s new direction aims to build a crypto-native treasury model that combines long-term digital asset holdings with cash flow generation through staking rewards.
The company believes Toncoin’s integration with Telegram offers strong adoption potential, making it a compelling choice for a reserve asset strategy.
While shifting focus to digital asset reserves, the firm will continue to operate its existing social commerce businesses, including its AI-driven video shopping platform MARKET.live and its recently acquired livestream commerce startup LyveCom.
Restructuring
The new entity will be chaired by Kingsway founder and TON Foundation President Manuel Stotz, who brings over 15 years of global investment experience.
Veronika Kapustina, a former senior advisor to the TON Foundation and ex-Morgan Stanley banker, will serve as CEO, while Sarah Olsen, previously Head of Corporate Development for JPMorgan’s blockchain division Onyx, will take on the role of CFO.
Meanwhile, Blockchain.com CEO Peter Smith will advise the firm as it scales its crypto treasury operations.
Cohen & Company Capital Markets served as the sole placement agent, with legal counsel provided by Reed Smith, Perkins Coie, Morgan Lewis, and others.
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